How can we value the environment, this is the crucial issue that this book debates. The critical analyses carried out within the book by such figures as Nick Hanley and Jonathan Aldred are vital to ensuring that future economic growth is not achieved at the expense of our environment.

Neither environmental economics nor environmental philosophy have adequately examined the moral implications of imposing environmental degradation and ecosystem instability upon our descendants. A neglected aspect of these problems is the supposed extent of the burden that the current generation is placing on future generations. The standard economic position on discounting implies an ethicaljudgment concerning future generations. If intergenerational obligations exist, then two types of intergenerational transfer must be considered: basic distributional transfers and compensatory transfers. Basic transfers have been the central (...) intergenerational concern of both environmental economics and philosophy, but compensatory transfers emphasize obligations of a kind often disregarded. (shrink)